Spirit Airlines, Inc. (NASDAQ: SAVE) has only been public since last summer and now the company has a secondary offering of stock. The company sold 11 million shares in a secondary offering at a price of $14.50 per share. Rather than this going to the company, all of the shares are being sold by existing shareholders (including affiliates of Oaktree Capital Management and Indigo Partners and certain members of the company’s executive team).
The airline itself will receive none of the proceeds and the selling holders are granting the underwriters an additional share count of up to 1.65 million to cover overallotments. Barclays Capital, Morgan Stanley and Citigroup are all listed at the joint book-runners of this underwriting syndicate. Co-managers are listed as Deutsche Bank Securities, Raymond James, Dahlman Rose & Company, Evercore Partners and Macquarie Capital.
This raises close to $160 million for the holders and the market cap is $1.06 billion.
Shares are trading up 2.4% at $15.02 and the post-IPO trading range has been $10.18 to $17.48. The current consensus price target objective from Thomson Reuters is $20.67.
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